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Wednesday, 17 June 20
MARKET INSIGHT - INTERMODAL
 After experiencing record earnings during the first half of the year, the focus of headlines concerning the tanker market has shifted from the developments regarding the pandemic outbreak and geopolitical tensions to the challenges that the sector is now facing. The considerable slowdown in momentum is evident on rates across the board, with expectations for the remainder of the year being gloomy so far.
During the past months, the steep drop in oil products demand caused by COVID-19 had been overshadowed by the developments on oil supply and prices. When Russia and Saudi Arabia, two of the biggest oil producing countries, engaged in a price war back in April, they flooded the market with millions of extra barrels each day, pushing prices to unprecedented lows. At the same time, demand was collapsing. Contango markets were shaped and encouraged traders to buy and store oil on shore and on vessels like never before. Tonnage availability was tight and freight rates climbed to record levels. Indicatively, VLCC earnings reached as much as USD 280,000 per day during April, whereas the ‘clean’ products trade of LR2 and LR1 ships reached about USD 170,000 per day and USD 115,000 per day respectively.
However, since then, the market woke up to reality of poor demand for products globally, while at the same time the contango play is no longer attractive with oil prices having moved up to much healthier levels. More and more vessels used as storage are now entering the market, when at the same time refineries around the world are cutting production in order to adjust to poor demand. The effects on the freight market are already evident. At the time of this writing, VLCCs are earning USD 40-50,000 per day, LR2s about USD 20,000 per day and LR1s as low as USD 10,000 per day.
Taking into account that oil products account for about 60% of the transportation demand and that many parts of the world are still under lockdown and face travel restrictions, the outlook for the rest of the year is rather challenging. The Energy Information Administration (EIA) estimates that global oil demand will be about 8m bpd lower in 2020 than last year. Major products’ demand such as gasoline and jet fuel are down about 17% and 60% respectively since the beginning of the year and the recovery appears to be slow. In shipping terms, this would be more than 6% decrease in demand for product tankers this year, while the fleet growth in the sector is expected to be about 0.7%.
It seems that for as long as the economic impact from the pandemic keeps unravelling, global demand will remain restricted and uncertainty will keep prevailing in the tanker market, adding more pressure to freight rates as a result.
By Stelios Kollintzas
Tanker Chartering Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
Mr.George Panagopoulos
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Tuesday, 08 December 20
MARKET ANALYSIS - ALLIED SHIPPING
It is now undisputed that oil consumption for 2020 will post a considerable drop, as demand for several petroleum products has plummeted since the ...
Tuesday, 08 December 20
PANAMAX: THE OVERALL MARKET SEEMS TO BE UNDER NEGATIVE PRESSURE - ALLIED
Capesize
A rather indifferent week for the Capesize market, with BCI 5TC figure finishing the week with slight losses of 0.8%. The Atlantic enj ...
Friday, 04 December 20
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - XINHUA
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Friday, 04 December 20
THE INDONESIA COAL PRICE REFERENCE REACHES THREE MONTH HIGH ON IMPROVING DEMAND OUTLOOK
COALspot.com: The Indonesia Coal Price Reference reaches three month high on improving demand outlook . The Indonesia Coal Price Reference rose by& ...
Wednesday, 02 December 20
GLOBAL MINING SECTOR OUTLOOK STABLE DUE TO CHINA'S RECOVERY - FITCH RATINGS
China’s post-pandemic economic recovery and sizeable infrastructure-focused government stimulus boosted global metals and mining prices, help ...
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- Globalindo Alam Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- Africa Commodities Group - South Africa
- Planning Commission, India
- Jorong Barutama Greston.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Aboitiz Power Corporation - Philippines
- San Jose City I Power Corp, Philippines
- The State Trading Corporation of India Ltd
- Iligan Light & Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- Wood Mackenzie - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Ministry of Finance - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- Bangladesh Power Developement Board
- Bukit Makmur.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement - Thailand
- Indogreen Group - Indonesia
- Georgia Ports Authority, United States
- Meralco Power Generation, Philippines
- Bukit Baiduri Energy - Indonesia
- Indonesian Coal Mining Association
- Kumho Petrochemical, South Korea
- Tamil Nadu electricity Board
- Altura Mining Limited, Indonesia
- SMC Global Power, Philippines
- Global Coal Blending Company Limited - Australia
- Electricity Generating Authority of Thailand
- Bharathi Cement Corporation - India
- Star Paper Mills Limited - India
- Aditya Birla Group - India
- Manunggal Multi Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
- European Bulk Services B.V. - Netherlands
- Intertek Mineral Services - Indonesia
- VISA Power Limited - India
- Medco Energi Mining Internasional
- Ministry of Mines - Canada
- MS Steel International - UAE
- Cigading International Bulk Terminal - Indonesia
- Ambuja Cements Ltd - India
- Trasteel International SA, Italy
- Ministry of Transport, Egypt
- Directorate Of Revenue Intelligence - India
- Directorate General of MIneral and Coal - Indonesia
- Latin American Coal - Colombia
- Lanco Infratech Ltd - India
- Eastern Energy - Thailand
- Indika Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Jindal Steel & Power Ltd - India
- Timah Investasi Mineral - Indoneisa
- Toyota Tsusho Corporation, Japan
- Sinarmas Energy and Mining - Indonesia
- Thiess Contractors Indonesia
- Petron Corporation, Philippines
- GMR Energy Limited - India
- Sindya Power Generating Company Private Ltd
- Simpson Spence & Young - Indonesia
- Samtan Co., Ltd - South Korea
- Jaiprakash Power Ventures ltd
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Interocean Group of Companies - India
- Tata Chemicals Ltd - India
- Oldendorff Carriers - Singapore
- Coastal Gujarat Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dalmia Cement Bharat India
- Madhucon Powers Ltd - India
- Makarim & Taira - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- Asmin Koalindo Tuhup - Indonesia
- Mintek Dendrill Indonesia
- Goldman Sachs - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Neyveli Lignite Corporation Ltd, - India
- Sree Jayajothi Cements Limited - India
- Sakthi Sugars Limited - India
- Baramulti Group, Indonesia
- Sojitz Corporation - Japan
- Kartika Selabumi Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Independent Power Producers Association of India
- Meenaskhi Energy Private Limited - India
- ASAPP Information Group - India
- Agrawal Coal Company - India
- Borneo Indobara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Java Power - Indonesia
- Metalloyd Limited - United Kingdom
- Karaikal Port Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- New Zealand Coal & Carbon
- Banpu Public Company Limited - Thailand
- Chamber of Mines of South Africa
- SMG Consultants - Indonesia
- Power Finance Corporation Ltd., India
- Mercator Lines Limited - India
- Bayan Resources Tbk. - Indonesia
- CIMB Investment Bank - Malaysia
- Commonwealth Bank - Australia
- Bhushan Steel Limited - India
- Kideco Jaya Agung - Indonesia
- Xindia Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- White Energy Company Limited
- Wilmar Investment Holdings
- Mjunction Services Limited - India
- Edison Trading Spa - Italy
- TNB Fuel Sdn Bhd - Malaysia
- Parliament of New Zealand
- Antam Resourcindo - Indonesia
- Australian Coal Association
- McConnell Dowell - Australia
- Singapore Mercantile Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Sidhee Cement - India
- Coalindo Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Development Corp, Philippines
- Electricity Authority, New Zealand
- India Bulls Power Limited - India
- Salva Resources Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Kaltim Prima Coal - Indonesia
- Heidelberg Cement - Germany
- Anglo American - United Kingdom
- Port Waratah Coal Services - Australia
- Ceylon Electricity Board - Sri Lanka
- Carbofer General Trading SA - India
- South Luzon Thermal Energy Corporation
- TeaM Sual Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Malabar Cements Ltd - India
- Cement Manufacturers Association - India
- CNBM International Corporation - China
- Siam City Cement PLC, Thailand
- Standard Chartered Bank - UAE
- ICICI Bank Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Deloitte Consulting - India
- Thai Mozambique Logistica
- Grasim Industreis Ltd - India
- Sical Logistics Limited - India
- IEA Clean Coal Centre - UK
- Parry Sugars Refinery, India
- The University of Queensland
- Australian Commodity Traders Exchange
- Orica Australia Pty. Ltd.
- Orica Mining Services - Indonesia
- Videocon Industries ltd - India
- Essar Steel Hazira Ltd - India
- Riau Bara Harum - Indonesia
- Vizag Seaport Private Limited - India
- London Commodity Brokers - England
- Price Waterhouse Coopers - Russia
- Karbindo Abesyapradhi - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Energy Link Ltd, New Zealand
- PowerSource Philippines DevCo
- Attock Cement Pakistan Limited
- PNOC Exploration Corporation - Philippines
- Merrill Lynch Commodities Europe
- Savvy Resources Ltd - HongKong
- Petrochimia International Co. Ltd.- Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- The Treasury - Australian Government
- Central Electricity Authority - India
- Straits Asia Resources Limited - Singapore
- Kobexindo Tractors - Indoneisa
- Uttam Galva Steels Limited - India
- Mercuria Energy - Indonesia
- Vedanta Resources Plc - India
- Kapuas Tunggal Persada - Indonesia
- Chettinad Cement Corporation Ltd - India
- Marubeni Corporation - India
- Sarangani Energy Corporation, Philippines
- Coal and Oil Company - UAE
- Global Business Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Minerals Council of Australia
- Formosa Plastics Group - Taiwan
- GVK Power & Infra Limited - India
- Bhatia International Limited - India
- Economic Council, Georgia
- PTC India Limited - India
- Posco Energy - South Korea
- Indian Oil Corporation Limited
- Rio Tinto Coal - Australia
- Eastern Coal Council - USA
- Indo Tambangraya Megah - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Energy Exchange, India
- Renaissance Capital - South Africa
- Larsen & Toubro Limited - India
- Romanian Commodities Exchange
- Rashtriya Ispat Nigam Limited - India
- Ind-Barath Power Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
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